“Payday” lending and short-term consumer loans have nearly doubled in the past five years, reaching a high of 350,000 in 2011.
Minnesotans may turn to payday-lending companies to make ends meet during difficult economic times, but the Department of Commerce urges consumers to beware if committing to a payday loan online.

Now that the holidays are upon us, many people dream of taking a tropical vacation or spending time near a popular attraction. If you’re shopping for a getaway, you may have considered a timeshare, an arrangement that generally gives you the right to stay at a certain property for a specified amount of time each year. There are more than 1,500 timeshare resorts in the United States, according to the American Resort Development Association, and the average sales price for a unit is more than $20,000. If you’re thinking of spending your free time at one of them, the Minnesota Society of CPAs offers this advice.

They say it’s the thought that counts when it comes to gift giving, but quite often it’s the cash that counts, too. According to the National Retail Federation, the average consumer spent $730 on gifts, food and decorations for the winter holidays in 2013. With costs expected to rise this year, savvy holiday shoppers are finding smart ways to save while still making the holidays memorable.

It’s the beginning of the holiday season, a time when family and friends come together to celebrate. The bad news is that this is also when thieves of all kinds are trying a variety of scams. To help you keep the sparkle in your holidays, the Minnesota Society of CPAs offers this advice on scams to avoid so you can keep the season merry.

Your child begins to receive offers for pre-approved credit cards. It sounds annoying, but nothing to be worried about, right?
Wrong.
In fact, it could be one of the warning signs that your family is the victim of child identity theft. Nearly 3 percent of U.S. households with children under 18—or one in 40 households—has been hit by child identity theft, according to the Identity Theft Assistance Center.

What has the Affordable Care Act meant to your business so far? When it was first passed, many small business owners were concerned about new complexities and potential added costs and disruptions to their business operations. Now that important provisions of the law have been in force for a while, the Minnesota Society of CPAs offers a review of some of the highlights and some timely advice.